CYPGasTech 2014 exhibitor e-directory CYPGasTech 2014, Limassol, Cyprus - Page 22

ENERGEAN emerges as a regional Oil & Gas player in the East Mediterranean Energean Oil & Gas obtained the licenses for Kavala Gulf oil & gas fields in 2007 and through investments of 180 million euros and 4 jack-up rigs in Greece, the company has managed to revive the country’s oil and gas production. The company has initiated a new 165-million-euro investment programme for 2014-2016. This programme includes the purchase of the tender–assist rig “Glen Esk”, which is going to be renamed “Energean Force”, the drilling of 15 wells at the Prinos, Prinos North and Epsilon oil fields and the Installation of two offshore platforms. As a part of the new investment programme, two new unmanned offshore platforms are going to be installed at the Prinos North and Epsilon oil fields, while the supply vessel “Valiant Energy” will take on a supportive role. Through the new investments, Energean aims to increase production to 10,000 barrels daily, as 30 million oil barrels (2P) have already been audited by the independent ERC Equipose auditor. Exploration upside increases for Energean through the two new licenses which the company obtained for hydrocarbon exploration and exploitation at the Ioannina onshore and Katakolon offshore blocks IN Western Greece. The Ioannina block is an analogue to already producing and proven oil and gas fields of Albania and Italy, while Katakolon is a proven oil field of 3-5 million oil barrels with potential upside. Furthermore, Energean evaluates all data available under the prospect of participating